The Sun. — London, England, 1826-02-10 00:00:00

, •objection or obstruction would be offered on the part of the lank. With respect to another measure—the requiring of se. - , curity from the. Country Banks—he 'should be happy to receive any information on the point, for at present he entertained great •doubt of the propriety of the proposal of security. The grand principle to which he theught the chief attention of the Le gislature should be directed was, to promote as much publicity as possible. Ile was anxious, if the spatter were feasible, that, public statements of - the banking concerns should be given at • mated periods. Such a course seemed funds to the mode of acquiring a security by tying up the funds of the establish ments. There was another observation which lie wished to make itt respect to the payment of the amohnt of the respective notes to the holders. He thought it would' be the more judicioute plan to make all the notes payable at duseeverel places at which they had been issued in the first instance, and not in a quarter where, from the distance, it would be inconvenient to apply. The observations. which -be iliad uttered were founded on the inea. sure which - it was supposed his Majeety's _Ministers want - to bring forward. .The consequenee of such proceedings would be to bring the country back to the state in which it - was at the time of Mr. Peers - Bill. He saw no cause to decide, from the condition of affairs, that such a result would prove peroi ciotts. Hermit! not bring himself to think that the country 'wee incapable of hearing the taxation imposed; but irsuch were the thee; it would. be inure wanly end prudent to disclose • it, and not to allow the nation to repose in the error of artificial prosperity. Such a fictions 'suppoeitlen would introduce the erritist detrimental fluctuations, so thtit no man could be assured of the stability of his affairs, . • He might rise in the morning a rich roan, and someatulden revolutiott might leave him penny - 'lege before night. It would be well to rescue the country from such a state of apparently increasing prosperity, but of real If the engagements cannot be kept up let it be plainly stated, so that all may knew. He did not however feer any dangerous effect from the measure of the Noble Earl,whfie he was anxious that - the stability of the countty should be •notorious. There may exist some local circumstances to oppose the extension of the principles to Scotland and Ireland. He :should like to know if this were the case, but at all events he hoped that these countries would' not be hiet sight of. The • principal object which he was anxious to effect was, that when -false anti wild speculations should proee abortive, the distress which would be likely to ensue might be corrected. In that expectation he would propose the following resolutions :--- " - For 'an Accoont of the number of Notes issued by the 'Bank of England in February, May, August, and November,: -from 11310 to 1025, distinguishing the notes under five pounds, and Bank Post Bills, and the same for Scotland and Ireland: " Also an Account of all Notes issued by Country Banks tot the !game period ; and the same for Scotland and Ireland. ' " Also an Account of all Bank Expencen from 1019 to the -present time, with copies of all Charters e granting privileges to . Bunking 'horses." Lord IA VERPOOL. did not mean to oppose the principle -of the resolutions, but he wished to say it few words on the -mode. - When the Bank of England was. under restriction it Was the duty of Parliament to inquire into the issues ; but the restriction heating expired, he did not think that Parliament was entitled to do so. There was another way, however—by referring to the Stamp-office ; and though It might not he so templete in some minute .respects, it would fully answer the purpose intended. In regard to the other point-the directions given to the Stamp-office to ' , prevent further stamping—this measure waS not adopted until notice of an alteration had been given in another place. It was done to obviate any obstruction to the measure under the consideration of Parliament. Those banks in the neighbourhood of the metropolis would otherwise receive partiality, as they might in the interim•hrive access to the Strunp.office, and thus defeat the proposed measure. The Earl of 11AUDEBIJA1.14, though he could not find fault with the resolution of his Noble Friend near him (the • Alarquis of Lem:down), did not think dial the Noble Lord op posite (Lord Liverpool) could claim much praise for his con. sistency on the occasion. lie had predicted last Session that the. present evils would' ensue, and it was then his duty to the country to propose those measures which he had deferred to the present late period. The Noble Lord (Lord Liverpool) had forgotten that he had made to the prediction, and yet he after. wards traced the evils (instead of this Speculative rage) ta the state of the currency. Tlw Noble Earl then proceeded to dis. cute some other parts of the measure, and eulogised the prin. • ciple of the . Seotcl: banks. - The 'Earl of CAIINARVON said that he thought. much evil arose front the present formation of banking compa: • ales:l ie wished that the property of .every individual who was concerned in a banking establishment, ,should be made liable for the debts bf do: Company. This would give •much greater security to those banks, and prevent irre. sponsible 'peculation in such concerns that should be mer chant bankers. He thought that the objections taken to the circulation of small notes were without ground, futile, and, to contract the issue of those notes inefficient to produce the results anticipated from such a measure. If the issue of mall notes hash such it bad tendency, he would inquire why the issue of' later note* would not have a similar effect, If' the issue of the former Was productive of digress (so justly anti so loudly -complained of.) 110 could not imagine by what analogy of reesoniott it could be concluded that the , issue of large notes could nee he :mended with the hove. injury. ,Whatever might be the rinse et' the present commercial digress, he was quite • sure it monld'not be attributed to the issue of small notes. If It equated any arguments he had been furnished "with them by Ac Noble Lord opposite. He stated that a return to cash pay. meats would not he sufficient to remove all the difficulties that - had micas. It would at least be productive Of some good, but fur hie part he thought they should strike et the root or die •.evil. lie knew that the arguments of the Noble Lord would have more weight with, the house than any he . could offer . to their coneideration. It was notwithstanding extraordinary, .that in die year 1793, when much .commercial embarrass. wept prevailed, and when it violent convulsion took place -' in 'the . ' money transactions of the . country,- when A went of confideece in the stability of banks was in every 'respect as great as .Itiroi the case a short time sines, and when not less than unehutidrad country banks stopped payment, the Governmept ' issued Exchequer Bills to men the' exigencies of those bankers, and to cure the commercial evils of the country. In that case cash payments were not thoueht the beat remedy for the dis. tress, which was quite us general and alarming as at the present. In Scotland the circulation of mall notes was not found to pro. ,duce suelrevil. . That country wits exclusively exempted from the distress which lied visited the commercial interests of this country, and that exemption was greatly attributable to the ex. teneive circulation denial! notes, which was encouraged in that country. .lie would never consent- to any measures which would eentre c t th e issue of those notes. Front the clibct of these issues in Scotlend he bad every coefeletteein the benefit to be expect ed from continuing their eireulatiori in this country. Thitt coon. tee had b ee n f o r :le years free front tiny prominent commercial dillieultion lie would listen to the lessors of practical expe rience in preferenm to any theOrite, however , specious, Red h e confessed he looked with touch diffidence et this measure which came out atilt,' hallthi of those who( were deeply interested in its success. He dial not knew upon what grounds they could sur mise that the circulation of one anti two pound notes wits the cause of the present difficulties. At various periods such diffi. cul ties bed taken place. When the South Sea scheme was in full Openttion e he would ask, wag there no convulsion---was there no oifficeity experienced by men of business, end yet no one or two ieound notes were then in circulation, anti very few country 'banks were then established. The currency in- 1792 and 1793 was changed without producing any dangerous censequences.— 'lmenediately after 51w war the Bank gave notice of thei!• in tention- to return to cash paymente ; but this was far from• giving stability to the commercial Interests of the country there were numerous failures. The filAtteS of the Bank of Engletid were at this time contracted ; to remedy duedistress that prevailed, was not thought advisable to revert to cash payments, - bet to extend the circulation of the paper cur.. • reney. After the shock which the commerce of the country had experienced iu alt its braochee, no danger of too great enter. prieu wae to be appelhendede there was now no very buoyant / pith r eeeediotion, and no fear of overetrading could be rea sonably et:test/tined. Ile could' not ins ithy view of the case justify the measure which was propoeed for adoption; he t thought, that instead of contracting their issues they should .extend them. The evil ates.not that there was .4 deficiency of 'gold its circuletirroebut that there was no ,circulation at A m , 'We were told thataceite should be taken that the interest of wormy %Wield not be wog-rent in no imperfect gate of society, and Wio!re commerce has made but little progrees, the interest of money is propottionehly high, hut whencenimerce flourishes the interest then liecomete low. Should they now, with the enonmees it 1 lest th,s natiortai debt pressing pooh them, room re e ea; e s eeee they weuld entail notch distreet upon the emir AL they Could not revert to cash pay ments et s s:ee..siehig the valee'of gold.—(Hear!)—llefore twe l ve 0 ,,e, tieo eleOsed they would discover the consequence U.) be 1110 , 4 pernicious, it this measure is carried Into effect. Wine, they met next year they might consider themselves very .fortunate jodecd, it' the Government of the country we 'd tell thern that the taxes had been su ffi cient to de. fray the expencet of the7"yeare e -(livar 1)—In. addition to the e net i a „ w h e e l h e itheen matie by hie Noble Friend, he would move thee" e . retur n ebony - , be made of the number of notes issued sineeel79o.” Ile wished to obtain all t h e information pos. table on' this subject.ana his c h iet object was to have as enlarged a view the wivc.t a s he could collect from every source that was e notn to f lint , and to place toe wh ole Willett of paper cut-- t i lwholeouestion betore the 11, mo. :lie drought. that ernurecong tt rency watiltr be very detra ;ne nod to the agricultural inte rests. It wile rehe paper currency thst fostered agelcultu— eel prosperity. 'By the returns t 1„ now 1110Ved: for- it e Wuuhl appear how far the principles laid down in support thisi, measure • would be atrengthened by the experience albe'Yekto. l793 S 4704 .and 1706 ,wheti much ;wanner cial distreu prevailed. He was confident that the country could not bear a return to cash payments. The Marquis of LA NSDOWN explained. He said that he would not press his motions on the House, if any opposition was offered to them on the part of Ministers or the liartk. The Earl of LIVERPOOL said that he had no objection whatever to assent to the, motions of the Noble Marquis, Rad he would undertake to say that no opposition. would be offered. on the part of the Bank.—The motions were then agreed to. The Earl of LIVERPOOL gave notice that he would bring in a Bill for the renewal of the Bank Charter on Monday next, which would he then read a first time; and that the House would be summoned for Friday sennight.—The House then adjourned to to-morrow. HOUSE OF COMMONS. An Account of Country Bank Notes, stamped during'the last year, was laid on the table, and ordered io beprinted. Also, Copies of, the Communications between Government and the Bank.,of Englan4relative tO the advance; made by the Bank. A person from the India Company presented A Return of the Compensations, &c. granted totheirpjficers. I.IVERPOOI. AND MANCIIPTER RAILWAY. General GASCOlGNEobtained reave to bring in a Bill to make a Railway from Liverpool to Manchester, with branches therefrom; LIVERPOOL IMPROVEMENT BILL. The Bill for improving and Widening the Streets of Liver pool went through the' first nna second reading. LIVBRPOOL 'WELSH CHURCH. Gcn. GASCOIGNE presented it petition for leave.to bring in a Bill to Erect a Welsh Church in Liverpool. LIVERPOOL AND 11111111INGIIA11 CANAL. Lord CLIVE presented a petitiol;,for have to bring in Bill to make a Navigable Canal between the Towns of Liverpool and Birmingham.—Referred to a Committee. The Kennet and Basingstoke Canal Bill was read the first and second time. COMMITTEE FOR STANDING ORDERS. Mr. S. WORT gave notice of n motion,ffir the appoint ment of a Committee, to whom all petitions relative to the Standing Orders of the House should by referred, to examine, and to report thereon'. The 'New Corn Exchange Bill was read the first and second time. ABOLITION OF SLAVERS'. enttons were presented from Newbery. New Sarum, and some other places, praying the Abolition ofSlavery. Mr. HUME gave notice, that he would postpone, until Thursday, the 2lst inst., his motion, relative to Sinecures, and which had been fixed for Tuesday. LIGHT nousrs. . . . Mr. HUME moved for a Return of the several Light-houses now in the hands of private individuals, whether held by grant or by lease from the Crown, with an Account of all surns col lected as tonnage,' by the possessors. for the last two years, es pecially stating the {name of the light-house, the tenure by which each is held, and the rent. Also, for a like return, for such light-houses as are not re gulated by Act of Parliament,-.Ordered. COUNTRY BANKS. Mr. HUME moved, that there be laid before the House an account of the number of country bankers (issuing bank notes) who have failed, and been made bankrupts,' since 14116 • .and an account of the dividends that have bees paid respectively on their estates, the amount of debts proved, and the number of partners in each hank, as far as they can be ascertained. The flon. Member observed, that his object in moving for these returns was to shewlen* erroneous the system was on which the country had acted with respect to country banks, that the actual loss that had accrued to the public might be seen before any change was made in it. A t the suggestion of Mr. P. Orenfell, the lion. Member in. eluded Scotland in his motion. Mr. MARL :MAT objected to the right of the House making any such inquiry. lie considered the private bankers, who had the misfortune to have failed, to he in the same situation as other individuals ' • and if the principle was once' established, that this house should pry into their affairs ' an inspection into the private concerns of all other individu a ls might us well be called for. • Surely this House could have no cognizance of private debts ; and lie trusted . the Chancellor of the I , ;xchenuer would not bind himself to this motion, if his lion. friend would not himself acquiesce in the impropriety of the measure. Mr. P. ORENFEIA, said, the reason he had wished Sent. land to be included in the return was, that the country might contrast the system practised there with the English systeM, as when the returns would be produced, it would be *hewn there were no failures there. A Member under the gallery La, " Oh, yes! there has been une."—(r laugh.) Mr. JOHN SM ITU did not object. to the return moved for,: because he considered It should not be forgotten that these country bankers had issued bank notes, which had circulated as the money of the country, ' They therefore stood in a diffetint light from other individuals who had the misfortune to hove be come bankrupts. With many of these indiyitlunls he could say he was well acquainted, and whatever their misfortunes were, he knew them to be possessed of as high principlea of probity and honour as were tope met with amongst any other class. He regretted their misfortunes, and he was sorry to observe the tone, the sweeping one, of censure, with which these men were now assailed, with others.; by the Noble Lord at the head of the Government, and his colleague, the Chancellor of the Exche quer, in their correspondence with the Governor of the Tianknf England. That morning. he had read the opinion by thrum put forth to the public, in that correspondence, to this effect— " net the country banks had heen the cause of the present evil, in having lbstered the Wild spirit of specul a ti on rec e nt l y afloat in theauountr,y." In this censure • were included nil the country banks without limitation or reserve. They did not foster the wild spirit of speculation, and he rose to rosette froth the imputation the body, of which he had the honour to one, and to claim for himself, and for many others eireuin-. staneed, an exemption from a charge thus Cruelly passed upon them. They were, he would assert. a body of men distin guished for their prudence, probity, and imam ; and he would appeal to the Right Hon. Gentleman (the - Chancellor of the. Exchequer). whom he knew could so well appreciate those qualities, if they were not a class undeserving of the impute !)—lf it was 'denied, he expected that the Right Hon. Gentleman would he prepared, on the following night, to state clearly his gronds for making such a sweeping accusation; and, at the same time, he would suggest to the Right noutable Gentleman, that it would be a good opportunity to spew to Parliament the impoliey —( ear! )-----the sotind Policy (Hear, bear!)---which _actuate% .Ministers In this moment of consternation and panic, in their directing public attention to these parties—( Hear I) The CHANCE LIMI of the EXIIIEWIER could not • concur in the abjec tion Honourable stated by the onnureble Member for ' Abingdon (Mr. t laberley). lie dunight, if forts could he given to Parliatnent, it could not be a • subject , of embarrattainenito the parties, they having already appeared In the C; axette. Tll6 lionotfrable Member who made the motion would he was sure have no objection to attend to any suggestion by which any pea - , bible difficulty or unpleasantness might be obviated ; for in stance, in getting time information there would be no nee:llion ' to state unities or towns. ‘Vith respect to the remarks of the Honourable Gentleman on the correspondence that had taken place with the Brink, lie had no possible objection to give every Ratitdartios to those who have considered themselves inittred that correspondence. It was certainly not the intention of the No ble Lord, or himself', in the teightettt.Ogree. to convey any tin. worthy imputation against any individual whateVer : far from it. Their remarks were directed simply imitainutt time system, and against it system, which any person who heard the expose orate lionnorable Member for Taunton time other night, must be aft. listied produced incalculable evils. Even It the terms used were stronger, they could not be an imputa'fion ageins those who were possessed of capital and credit ; he thought that every person p ossesse d of capital and credit might, to a certain.extent, be said to foster, or encourage, a spirit of speculation, with. out any imputation being intended against his character. He hoped the Mouse would believe him, when he said, he would be ashamed of himself it' the, language used in' th a t ce rres p on . dence was intended to convey, any imputif!ion against the cha racters of individuals, or for any purpose whatever but in repro. hation of the cOuntry batik system. Mr. CA TAIRA rr was glad of the explanation that had been given, for, without it, he could not have underetood flee terms made use of as applied simply to the blinking system. But, whatever the Right Hem Gentleman's notions were of the Sys tem, he denied that ever it had fostered the spirit of specula. tion. For, from the circumstances in which - -country bankers issued notes which every body . knew were convertible into Bank of England pumper or gold, tt was impossible the mischief could he attributed to them, though be would say, that many pushed their business Cooler ; anti from the spirit of competi tion, to which. all tra d es were subject, might have occasionally given issues to persons not trust-worthy. NiThen they did so, the evil corrected itself. He concurred in the opinion of the tion Member - for liliddleburst as to their. respectability; and. when the returns moved for were laid on the table, it would be fouls/1 how smell a share they had la producing cite evils under which the country labours ; other people will be found to have bottled paper as well as the'.country bankers. He contended it was the large quantity of Exchequer. Bills that had done all the. mischief t 'antl which, he feared, was not yet over, notwithstand ing the confidence with which Ministers flattered themitelves the panic in the Market had subsided, an d t h at t hi ngs were revert-- ng to their accustomed course, 1111.)44.`,Y said, as the subject would be amply dis cussed on the following night, he would defer going into some details which he intended to submit to the House respecting the country banking system. He, however, would confidently assert, though country bankers were charged with fostering the spirit of speculation throughout the country, they were the only persons who did not specullitein the past year. •Mr. H. GURNEY said, that the country bankers were in terested in preventing unreasonable speculations. The system of Scotch banks was, in his opinion, more calculated to facili tate such speculations than that which prevailed in this country, and be was quite convinced that if the Scotch method of bank. 'lug were introduced into this country, the result would Ise that a much greater number of these speculations would be entered into than were found at gesent to prevail. In 1812, a depre ciatibn of the currency, to the atnount of 35 per cent., had taken place, which each successive . year had been pressing upon the shoulders of the people in various ways, and unless a paper cir culation could be kept up to meet it, it was impossible to fore tell the consequences. if the prices were,to be kept up, it was impossible to do with a paper circulation ; and as he might not have another opportunity of expressing his sentiments upon this subject, he could not help forewarning those who were interest ed in the commerce and agriculture of the country, of tile evil which must be the consequence of a departure from the present system. Mr. ROBERTSON eulogized the system of banking in Scotland, which, in his opinion, had raised that country to her Present state of prosperity. If the Ministers persisted in their determination to withdraw the one and two pound notes in culation, the misfortunes of the country would be aggravated tenfold. He felt astonished at the apathy with which the coun try in general, and the country gentlemen in particular, looked on at the present crisis. lie could assure them, however, that the storm had not passed away, and would soon burst with fury on their own heads. Mr. TUMNEY wished to put a question to the Right Hon. Gentleman (the Chancellor of the Exchequer) with referenee to. the correspondence which had passed between Ministers and the Bank of England. In a part of that correspondence it was stated, that a proposition had been made upen the part of the Bank (as we understood the Right lion. Gentleman) to esta blish branch banks. Ile was desirous to know, when the Bank had made such a proposition I The CHANCELLOR of the EXCHEQUER said, that no specific proposition had 'been made on the part of the Bank to - estalrlish Branch Bunks. The feasibility of such a plan bad been alluded to in a conversation between the Directors of that body. 'Lord Liverpool, and hifitelf, but it had been merely mentioned as an 'alternative by which some of the present evils might be avoided. Mr.•TIERNEY said, that there must have been some rnls. take upon the part of the Bank, as in the correspondence with the First Lord of the Treasury and the Right Honourable Gen tleman, they appeared to allude in' express terms to such a pro pwitiou. Mr. PEARCE' corroborated the statement of the Chancellor of the Exchequer. The subject had been mentioned accidentally in the course of conversation ; but no distinct or specific propo sition bad been made upon the pal t of the Bank, or that of his Majesty's GoVerinnent. The CHANCELLOR of the EXCHEQUER wished to set hintselfright with respect to an observation which had fallen front the bon. Membir for' Warchatn, who appeared to think that he (the Charrtellorof the, Exchequer) had thrown the whole blame of-the excessive issue of paper, and the consequent dis. tress, upon the country bankers. If any expression conveying such an idea had escaped hini, he could only say that' he had expressed himself very inaccurately, and that such was not his Meaning. He had, if he was not touch mistaken, declared in precise terms, that the late distresses were not attributable to the country - banks, but.arose front those speculations incident to all commercial countries, where persons were naturally anxious to take advantage of every apparently feakeable mode of employ ing their capital to advantage. Ile had with a view of chewing that such distresses were 'not to be considered as necessarily permanent in their duration, referred to the year 1019, when a period of great distress was sueeeeded.by one of equally great prosperity.—The motion_was then agmed to. • IMPORTATION -. OF Si Sir S. LETI,IBRIDGE presented a petition from the Silk Throwsters of Somerseishire, against the importation of Ffench Silk. Air. ROBERTSON supported the petition, and contended that it was Impossible for the British silk-mattufacturer to com pete with foreigners. Nirrotight`lndia silk could, for example, he imported at a cheaper rate than that at which the manufac turers here could put the raw material into his loom.—.(dear It was utterly impossible to compete with the French. who ma, nutacture&an article which, while it was exclusively confined to theMitelves, was sanctioned by all the fashionable people in this country. By allowing, therefore, the French silk to come into the market, the home manufacture would be absolutely destroyed. The prohibition should, in fact, either amount to an exclusion, or we should be prepared to stand a competition' with the foreign manufacturer. But, he again asked, were we capable of standim such a competition with our load of taxes, and the National Debt hanging like a mill-stone round our necks.—The petition was ordered to be printed. Di It. KEN RICK'S CASE. l Alr. DENNISON rose, pursuant to nOtice, tcimova that a esxage he sent to the Upper House, to request the attendance of Vi 'count Aliclakton and Baron Brodertek, to give evidence in the case of Mr. Kenrick. - The .SPEA lag suggektoti, that until the rinse should de. terioine to enter upon the charge against Mr. Kenrick, it would he premature to call for witnesses towards the defence. After a few words from M r. Secretary PEE r., the lion. Mem. ber consented to postpone his motion to Tuesday next. • , • - SILK 'TRADE.' Mr. BARING, in, Presenting ti petition from Taunton, against the importation of •foreign silks, could not h e lp ca lli ng the attention of his Majesty's Ministers to this very important subject. When the situation of Or thousands, whose interests , were involved in the decision of this question was considered, he trusted that the House would, at no distant period, take it -into their serious consideration. It Watild be then seen, whe. ther they were willing to support 'Ministers in the desperate measures which they were endeavouring to carry on.—(Hear, heft. I)—For his own part, lie did net feel over sanguine as to the result, when he recollected that he was left, some few years bark, almost 'singly to oppose measnres, ruinous in their tendency, of which he had always been convinced. What was the result Of the present system P The mane. .facturer could not give emi:loyment to the artizan, the con sevenee of which was, that thousands of persons, who were heretofore in a state of comparative comfort, were re. duced; , if not to abnolute starvation', to the very extreme of want. The only rcasoo which prevented him from moving for a Com mittee where witnesses might be exarnined,. and the misery to whi c h he h a d a ll u d e d, p rove d to demonstratton, was the de. lay which it would occasion. So.rething,: however, must be done, and done shortly.' The question must be repeated, he set at rest, and by a hill at any rate. Ministers had recently taken upon themselves to perfinm-rtiost extraoMitiary acts upon their own responsibility -4 Hear! )—They had went doWn an or. tier to the Stanip Office to restri4 the further issue of stamps for one and two pound notes, an act which was maul. iestly in d e ti un ea of the existing. layi:—(llenr, (hear!;—He (Mr. Baring) was himself as anxious ay any man to get rid o f the one anti two pound notes, but he wished in so doing to pay proper respect to the authority of the Legislature. lift like manner, a law having passed a duty of 7n. 6d. a lb. upon fo reign thrown silk, and the manufacturer having. co m pl a i ne d of the Injury t o which ail 'adherence to the law would expose him; Government had thought 'proper, lay an Order in Council, fo reduce this duty to .5:4. From these .specimens it tipigitt be-imagined titit his Majesty's Miniqers conceived they had a right to alter or amend the laws as they pleased. ,it mot ha said.that th,jr conduct was justified by circumstances. Admitting," hhwever, that it 11:01 so, they werebound, Mune diately upon the assembling of Parliament, to state the faetx, fold get a indemnity passed.—(llear !)-1113 great obj ect was to impress upon Minktent the , necessity of turning th e ir attention to the subject.without delay. Ile should .be greatly Surprised, indeed, if any man would assert that the home ma nutacturer could compete with the foreigner. The Hon. Gen tleman, in 411u,ion to an expression let bill bya 111 ember of the House, on a former occasion, that the silk manufacturers were not afritid of a c ompe t i t i on , e xcept i n f a ncy dresses of F renc h silk, begged leave to set Eitel:louse right with respect to the ten tintents of the silk numuficturers, by . presenting a petiti o n, %igned by 2,000 persons, ngsinst the Importation of F renc h silks, on the principles of tree trade; and stating, that free trade could not exist in this. country unless it be also extended to the Corn Laws. - Mr. ON-rose, anti felt himself called on to allude to some remarks made by an Honourable Member on some ex.' sions 01 his. lic was conscious that he had meant no offence, and as he Was not present when these animadyrsians were nioe, he was not wt:1l enabled to make a sufficient apoloy.— . With respect to what hild been said by his Honourable krtend of the illegality of the 4.4&.,r in Council 'for the regulation of the silk trade, he considered that the rAuction of die duty front 7s..fal. to ss. was a sufficient proteclion. He would not enter into the discussion of this subject at qv:sent, but was satisfied that his - Majesty's Ministers had acted under a consciousness Of doing what they felt to be their duty. No person could lament more than he dot the distress undo r which the community, and more esPeeiallythat portion Of , were at prettent sufferin; and he begged that his Honourable Friend would give timely notice, and the subject would be explained, he hoped, to hi s satisfaction. This subject would be fully discussed during the Present Session i and there was nothing he had more at heart than having the regulations which have-taken place .examined to the very bottom in this House. Mr. DAVENPORT rose, and took this opportunity of ploring that the House would immediately take the distresses of the silk nninuriteturers into their serious consideration; there was not a day to be lost; the pressure of distress was ex- I treme. The poorer classes were in a state of starvation. Many of them were at present supported by charitable subscriptions ; this could not last long. Some measures must be taken by Government to alleviate their miseries. The Honourable Member then reverted to the change that had taken place in this manufacture in England. Formerly it was a flourishing trade, and. spread its fertile branches all over the kingdom ; now it had brought those engaged in it to the brink of ruin.— He concluded by begging the House for God's sake to take the sufferings of these manufacturers into their consideration with out further delayy, and let ,justice be.done to them. Sir T. LETA] said, lie also rose to enforce the mo tion. He considered it one of the most important which could occupy the attention of the House of all that would be brought forward this Session. He then alluded to an expression used by him on the moving of the Address, that " people of this Em pire took a more chaste view of the subject, thatrsome who dis cussed it." They complained, not of the want of provisions, but the destruction of trade ; this was what he said before, and he said so still. He never could have, intended to way, that the ma nufacturers complained of the want of bread, coneidering the present prices. The price of corn had been at a very moderate rate for sonic time back. He had been in habits of communica tion with ninny, of the Silk-manufacturers, anti heart the com plaints'abouetke price of provisions. He did not deny, how ever, that under the present state of the Silk Trade, even the lowest price must be too hard. But what must be the conse quence, if this measure be carried into effect, if the price of corn should rise, and such a number of persons continue out of employ ? It is easy to perceive that his Majesty's Ministers will then be under the necessity of throwing open the whole trade of this country, and he thought it would be more manly to act with decision at once. He believed that as long as long as the interest of the National Debt is to be paid, it would be diffi cult to get the Corn Trade free ; but when that time came, he for one would stand up for the great agricultural interests of this country. Mr. ELLIS rose, and remarked, that this was but the out work to the Corn Question, and that the Government must either throw open the Corn Trade or support the Silk-manu factures. He begged that Parliament would take this sub ject into immediate consideration, for nothing could be of worse tendency than the uncertainty of the paper on this suhject. There was a feeling out of doors that this mea sure could not be carried—that nothing was to be done. It was necessary the House should conic to some decision on the subject to calm the anxiety of the public mind, It was his wish that on Monday night this petition be referred to a Select Committee; for we must admit that much light has been thrown on the subject since the Bill was pass- ed. Much light has been thrown on the subject within the last three weeks. He was 'satisfied that this Bill could not be carried on at present. Ile did not know what the polers of the Crown might be able to effect, but if this Bill were carried on at present the people would be thrown out of employment.— One thing was to be acknowledged, however, that with all its evils, this Bill had produced one material benefit. It had made the people examine the subject, and feel anil understand its effects in all their-bearings. The lion. Gentleman concluded by wishing the petition to -be referred to a Select Committee on Monday evening, • CORN LAWS. Mr. DARING rose,tcTi;t4chisilOn7Friend, on the opposite side of the House, Mr. Huskisson, whether it were true which he had heard reported, that a gentleman had been employed travelling abroad collecting information of the state of the Corn Trade, and if such report would be presented to the House ? Mr. HUSKISSON, I n re pl y to t h e quest i on f rom his lion. Friend, had no difficulty in stating, that a person had beep em ployed by him in travelling to make enquiries on the subject, at the principal foreign ports connected with the Corn Trade. We understood-the. Hon. Member to say, that the individual had returned, and that his report would, at a future period, be laid before the House. He concluded with moving that the petition of the Siik Manufacturers be presenitti. BANK OF ENGLAND. Mr. GRENFELL presented Iris annual motion for the Account of the Balances of Public Money in the Bank of Eng. land, and. Charge of Management of the Ptiblic Debt. The Hon. Member stated, that at one period in the recollection of many Members now present, when he had taken the liberty of calling the attention of Parliament to the subject, he had ex perienced considerable opposition. After a p e r s evaraner of some years, however, this opposition had given way, and on his an nual motions for the presenting of these accounts, they had lately been granted. without reluctance. He therefore wok it for granted that his Hon. Friend opposite would not resist this motion, but afford him the usual facilities. When he considered that the time was not far distant when the Bank of England Charter would expire,. he begged leave to say a few wo r d s point ing out the effects of his motion, by giving the House an ac count of the public balances in the Bank ofEngland within the few last years. The Hon. Member stated that at one period, the aggregate amount of money belonging to the public in the Bank of England was elev e n o r twe l ve millions. This had been diminished since, till in the year 1821, the aggregate amount was only 3,900,0001. In the year 1822, it amounted to upwards of 4,000,0001. In 1823, it amounted to 5,200.000.--- And in 1824, to 7,200,000/. The flon.lllember also stated that the Bank had lodged with the public 50,000,000/., for which we pay 3 per cent, He expressed his satisfaction with the way in which the Bank had managed the public money; as this had beer. one great object of his bringing the motion first before the House, it gnve him much pleasure to see that the result had been solavourable. And he hOyed that when the charter of the Bank of England should -expite,' and rival banks he esta. bushed, that the Government would be able to make such ar rangements with the new banks-as might be for the mutual ac-' commodation both of the Bank and the public. Mr. PEARCE rose and said, that the Governmentwou ti l i d e feel the necessity of having such establishments. Unless Bank of England hadcome forward and 'stood in the gap in the time of the late general panic, he did not know what might have been the consequence. In allusipn to the lien. Mtember's ac count of the transactions of the public with the Bank of Eng land, he said there were circumstances the Hon. Member had forgot to mention. The llank had been subje ct to a great many losses. On one occasion they had lost 250,000/. in the perform ance of a public dutp There were also a great many more losses, besides expencea which he did nut think it necessary to detail: 111 r. HUMF. , in reference-to the expiration of the Charter-of the Bank of England, took this opportunity of expressing his hope that the time was ,not far distant when all exclusive pri .vileges and monopolies would be done away for ever; and when this took place, he was one who would be willing to 51::: them granted an indemnity. • Ile then referred to the Bill pass ed three years ago, for putting an end to Lotteries, and begged to know, since a pledge w as g i ven i n t h e H ouse that it should be done, why that pledge had not been redeemed', since the tot teries were still allow e d to go on: , H e cons id ere d that the :ho nour of those who had given this pledge to the House was en. gaged to see lotteries put an end to without delay. The CHA•NCELLOR of the EXCHEQUhIt, in reply_ to what the heft . Gentleman had -just said, frankly confessed that he took some blame to himself fortbeir continuance, but he did not take all the blame. The peculiar circumstances in which they were placed, made it difficult to put an end to them all at once ; and lie was sorry to say that there was possibility of their being continued for some time longer. There would, however, be only two moth drawn this year. The con tinuance of them depended on the number of tickets to be drawn, and it appeared that by n manceuvre of those connected with the Lottery, that their practice was not-to draw 60,000 tickets hi one year, but to expand them over A greater space of time ; _ of this they had taken'advantage, and he would take no blame to himself for their continuance longer than the present dine. • Mr. ROBERTSON took occasion to refer to the proposed incorporation of a Company, for promoting the growth of Silk in this country. The measure would, lie contended, effect more , mischief' than the monopoly secured to the East India. Company by their Charter. He -hoped Ministers would pause in their course of breaking down the whole manufacturing _machine of the country, and building up in its stead another which Would be much more mischievous in its effects. He had no objection to the trial of an experiment for the benefit of the country, but he would oppose the grant of a charter to the Com pany in question. - The motion was then agreed to. CIRCULATING MEDIUM. • Mr. ELLICE, before he moved for the papers, of which be li given notice, wished to give a tbrther notice, of motion. for annual accounts of all'the receipts and issues of Gold Coin - of the Bank of England, from- the 4th of February, 1i122, to the 4th of February, lON. His object in moving for theSe returns was, that the Bank having, in 1623, conic to a determination, to withdraw their small-num% from circulation, he wished to show *hat portio‘; of the currency of the country formerly tilled up by the small notes of the Bank of Englund, had been re placed _by . coin. Ile believed that a great de a l o f m i scon . ception existed respecting that subject. -There were vast sums of money in coin in the- hands of the bankers, which ought to be brought into circulation. For the reasons he had stated, when giving notice of his motion, and more particulary, under existing circumstances, he email anticipate no objection to it on the part of' his Majesty's.. Ministers. The Hon. Gentleman concluded by moving, that there be laid before the House, an account of all the Prothissory Notes, and Post Bills, of the Go vernor and Company of the Bank of En g l an d in Circulation on the last day of each week respectively, from the sth April last, to 4th Feb. inst. which accounts the 'Bank were bound to return to the Stamp Office. The CHANCELLOR of the EXCHEQU ER had no • ob jection- to the present maim, as he thought sufficient grounds for ft had been stated by tie Hon. 'Member ; but he would protest (as be had always protested, from the time when the Punk had ceasei to be restricted from paying their notes in cash) against considering that such motions should:As matters of course, be acceded to. The present was not, however, a motion from the agreeing to which, any mischief or inconve. nience could arise. His Majesty's Government, therefore, felt not the slightest objection to concur in it. Mr.ePtARCE, on the part of the Bank, felt no objection to - the present motion. Ile would remind the House, that the Governor and Directors of the Bank bad frequently felt it their duty to refuse to the Courtuf Proprietors of Bank Stock them selves, poblic details of the issues, receipts, and-other proceed ings of she Bank, because the knowledge of those particulars would have been injurious to the public interests. • On that ac count, and on that only, would he protest against the produce tion of papers generally ; but when, as in the present instance, any matter of State or great importance required such informa tion, the Bank would be quite ready to affiird it. Mr. MONCK supported the motion, and considered that the public investigation of the affairs of the Bank, so far from proving injurious, would be beneficial to its interests, andin stanced the case of the Bank Of France, ascribing the success of that establishment to the wholesome check upon its proceedings by the inspection of their accounts by Government. Air. CA LCRA FT would decide upon each case on its own merits, and %add not therefore oppose thevresent motion ; but lie would beg leave to refer them to what had passed in that House on the preceding eveninns in the absence of the Right Hon. Gentleman (the Chancellor. of the Exchequer.)' He had felt it his duty to ask, whether his Majesty's Government had taken upon itself to refuse to stamp small bank notes presented in the usual way at the Stanip,Office. To that question the Hon. Gentleman opposite, the Secretary to the Treasury, (Mr. Herries) had replied in the affirmative. He (Mr. C.) therefore wished now to know whether it was the intention of Govern ment to continue their directions to the Stamp Office to refuse to stamp such bank notes ? He would tell the Right Hon. Gentleman that the steps taken by Government in that and • other particulars, had attached so much credit to the country bank notes, as to throw the whole currency of the country into the greatest confusion—an effect, he was sure, which had neither been intended or contemplated. The steps taken by Govern ment, when it was determined to reduce the duty upon Thrown Silk, were cautious and proper—for in that case security was taken for that which was given up—and Government could have recovered the difference for the benefit of the countries-. He would ask the Right Hon. Gentleman, had Government, in the present instance, taken security for the loss that to be incurred by the revenue of the country ? The CHANCELLOR of the EXCHEQUER said, that in resorting to the measure referred to, his Majesty's Government had been influenced only by zeal for the public rood. It was a measure which might be deemed to require an Indemnity most , undoubtedly; but lie would say that Government having been called upon to explain its intentions in detail, and when it had been found necessary to declare that to prohibit the further issue of small notes was one of the objects of Government, the best mode of insuring that object was obviously to prohibit the further issue of stamps for such notes—am' without, which steps, that intention would have been completely defeated.-- (Hear, heat !)—lie was sure that if Government should appear not to have been influenced by improper or unworthy motives In taking that step, Parliament would not withhold from then; (Ministers) any Act of Indemnity, which should be deemed necessary to their protection.—(Cheers.) Mr. CA LCRA FT did not mean to impute improper conduct i t no question, oiny the presentan other in thingsced , foro done e e by thoughtthemthe proceededm elisu re only from error in judgment.—(A laugh.)—lt was, h owe ver, a very harsh measure, and one which h e was sure the Right lion. Gentleman would deeply lament, when it should apear to hiT that instead of setting at rest, it had kept alive the anpic which had prevailed to such an alarming extent. Mr. ELLICE said it would, undoubteily, have been beat'' , had the Right Hon. Gentleman come down to the ll °use with a short Bill, than to h ave h a d recourse to the measure condemned by his Hon. Friend who spok e l as t. The CHANCELLOR of the EXC El EQI TER said; it could not have been done in time to prevent the evil apprehended. Mr. ELLICE acquiesced; for it was evident it' the intention to put down small notes had been known, it would have been in the power of any banker in town to have defeated that in tention, by providing a sufficient number of stamps. It w its impossible to carry any such measure into effect without joistry to some party or other; butlf an Act of Indemnity were intro duced, the House should consider, not the He of inju r y inflicted, but how much had been avoided. He should lament with his Honourable Friend, if the measure had produced t he mischief's he had mentioned ; but how the notice of the jamas, tion of Government to put an end to the c i rcu lation of small notes could have produced such an effect, lie (Mr. Ellice) "I s at a loss to know. He should conclude, by ex pressing_lus opinion, that the circumstances referred to by the - Eight Ben' the Chancellor of the Exchequer fully justified the measure. Mr. CA LCRA FT assured his Honourable Friend, t h a t the Measure had produ ce d th e e ff ec t d e sc r ibed by him, and he be sought of that Honourable Friend to recollect that the Private Bankers had taken out licences, which had not expired an d that until the expir a ti o n o f suc h li cences , or o f t h e A ct o f lbw , their right to issue small notes would continue t o 'e x i s t. Hely° sorry'his Honourable Friend should treat the subject with more levity even than the Right Honourable Gentl eman a nd hoped , when the question sho u ld come to be discussed, that the people aggrieved would have more constit ut i ona l defenders than Honourable Friend. , Mr. ELLICE explained. Il e h a d not sa id th a t he leen° have recommended such an act, if' it hat not already taken e place. If great injury had ar i sen , then, indeed, he would have said that Governm ent h a d d one great public injustice-4 but the Right Hon. Gerideman having made his statement, great lie inconvenience would have ensued had not this precautiona'i gap been rcsarteil to. Mr. GORDON agreed with his Hon. Friend (Mr. Calerafit that great discredit had been thrown upon the country ba t ut notes by the proceeding under consideration. He that Government should have acted as they had done ; for L &sewed a determination on,their part to carry the measure at a . events; otherwise Ministers would not have taken the respon sibility sibility upon themselves of so strong, and he would say, of so unconstitutional a measure. The disappointment a hardship to the Country Bankers were extreme ; for. m any of them had seat up to town by the mails a quantitl bt,bnii distress s tr i t l enh i s e o totes' to be stamped, which they' of course expected by its the es f t gular return, and the want of which must be productive of greatest loss and inconvenience to them and their'custome r ''' . ma n lie would contend that if the Bill for withdrawing , sure. What had been the course followed - in that Year ° was now proposed ? The direct reverse; and with this addition, n of it which s'iould remain. Mr. ROBERTSON was no advocate for the Banking SP* tem ; but would condemn the measures on the subject which had' been taken, or were in contemplation. After encouraging> as they had done, extensive circulation, it ill became Minist ers now so abruptly to suspend it. • He denied that the crisis 0 often alluded to had passed ; when it should have been over, then let Ministers come down with such a measure, an d rom circulation agriculturists in only was the utmost discredit lie e seinsiekstmectrt it. distresses by ingul:a422imretywt-oow:uobtuenh!ssreieualrl wthieth eawicroausrwrinenncucry:tn: adtiimp oViaiirin;ntaiie:oll iUr. 310S:CK thought the measure most salutary. In pro,: posing it, Government had not l a d, b ut f o ll owe d t h e puba, mind, and which was unequivocally in favour of the measure* The injury done to . the Private Bankers was not so extensive as was represented ; for, without any enactment on the subject, that species of circulation (small notes) would have ceased to exist before the expiration of a year. Perhaps the measure in question might have been rendered unnecessary by a resolution declaring that all notes issued since the 4th of February should be recalled from circulation. In taking .it, however, Ministers were fully justified. , . - - • The motion'was then agreed to. SOUTH AMERICAN' TREATIES. Mr. lIIISKISSON"rave notice, that on Monday - next he would move for leave to bring in a Bill to enable his Majestlt to carry , into effect the stipulations creuied by the late. treaties with the New Stites of South America. Mr. HUTCHINSON brought up the Bill to amend the Boundary 8010 Bill between Cork and Limerick; and t he liduse aajourned till to-morrow (this day). • Letters iron f Bucharest (says the Courier From car's) announce that some bands of Cossacks} making part of th e R uss i an army, have cron e " the Pruth without orders, and committed hostlit lilies against the Turks. The Gazette of Venice gives the following IL 4 of European Officers in the service of the Greeks; French-2 Gene ra ls, 3 C o l one l s , 7 Captains, Lieutenants ; Spaniards, Portuguese, Piedrn°D tese, and other Italians-0 Generals, 5 Colonels, 3S Captains and Lieutenants ; English and Arne' rica ns-33, of all ranks. The subalterns oldi e " various nations are 100 in number. The 511 4 paper add s , t h at s i nce t h e appearance of the Egyptian a rra y i n t h e Mom, four-fifths of ' 11 ; foreign troops have abandoned the Greek to joil! the Ottoman standard, and this is the reason tha t so few of them are now to be found among di° defenders of the cross.